After breaking out of the old trading channel a few days ago, IBM is "walking down the line". This wave ("Minor" - wave 4) has a normal ZigZag- pattern and IBM is in impuls c, the final leg of the correction. Waves 4 normally correct 0.382 ( $ 170). In a few days and on this level or just below ($ 166), there could be a nice opportunity to go long! (Depending, in which direction the general market wants to go.)